EURUSD : after small recovery, it may go below 1.17

EURUSD had a small bounce back yesterday. Elliott Wave interpretation shows that this recovery may extend to around 1.2 level.
However, this recovery seems just a corrective move against the bigger down trend. EURUSD can go below 1.17 towards next month.

Currently, EURUSD is showing quite well defined (1)-(2)-1-2-.. sequence and it is probably in Wave 4 of (3).
As 5-period %R is bullish while 20-period %R is bearish , we can see the current move is corrective.

Wave 3 was extended to 2.236 x Wave 1. Usually, Wave 3 is 1.618 x Wave 1, so this means the selling pressure is high.
Developing Wave 4 should retrace 0.236~0.382 of Wave 3. The recovery target area (light blue zone) is around 1.2.

After Wave 4 is over, the down trend will resume as Wave 5 which will conclude Wave (3). Again, Wave (3) is usually 1.618 x Wave (1) but as we already reached 1.618 extension (purple line), the next Fibonacci target would be 2 x Wave (1).

This leads us to Wave (3) target of 1.167.

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